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If your business engages in credit reporting as part of your business activities, it’s important to have a strong Credit Reporting Policy in place. This will protect your business and your customers as well.
Privacy laws around credit reporting and credit providers’ handling of information are quite strict, so you want to make sure your business complies with these laws to avoid any issues.
What Is A Credit Reporting Policy?
A Credit Reporting Policy discloses to your customers how you will be handling their credit-related personal information. It might include details around:
- The data you will be collecting
- Why you are collecting it
- Who you will be disclosing it to
- What happens if you do not collect that data
- Whether the collection of that data is authorised by law
It helps businesses be 100% transparent with customers about how they’re using their personal information, and also ensures compliance with the relevant privacy laws (such as the Privacy Act 1988 and the Privacy (Credit Reporting) Code 2014).
Does My Business Need A Credit Reporting Policy?
If you’re a business that handles credit-related personal information (for example, a credit provider) then you will need to have a Credit Reporting Policy in place.
It’s good business practice to have this kind of policy regardless of whether the Privacy Act applies to your business or not. This is because privacy is generally taken very seriously in Australia, so your business will be better protected if you take the right measures around data privacy.
Where Can I Get A Credit Reporting Policy?
It’s important to get legal help when it comes to drafting the right Credit Reporting Policy because privacy laws can get complex, especially if your business engages in a range of financial activities.
At Sprintlaw, we offer a Credit Reporting Policy package which includes:
- A Credit Reporting Policy tailored to your business’ requirements
- A complimentary amendment to the final draft we provide you with
Next Steps
Making sure your business is compliant with privacy laws can be a complicated process if you’re engaged in a range of different activities or you’re collecting all sorts of information – but it doesn’t have to be!
At Sprintlaw, our team of friendly lawyers make the process as simple and stress-free as possible. If you would like a consultation on your options going forward, you can reach us at 1800 730 617 or team@sprintlaw.com.au for a free, no-obligations chat.
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